Kitchen Culture Criticises Requisitioners for ‘Diametrically Changing’ Minds by Publishing Advertisement to Call off EGM to Remove 5 Directors; Company Affirms 1 November EGM Will Not Proceed

SINGAPORE, Oct31,2022-( ACN Newswire)- Kitchen Culture Holdings Ltd.(” Kitchen Culture” or the” Company”) stated today that a group of 8 investors( “the requisitioners”) looking for to get rid of 5 of 6 directors has actually triggered confusion amongst investors and the general public by releasing a paper ad aborting the Extraordinary General Meeting (” EGM”) with 1 working day’s notification prior to it was because of be held.

The Company stated it was warned of a reasonably little ad released by the requisitioners in The Business Times on 29 October 2022 (Saturday) to ‘delay’ the EGM – initially proposed for 9.00 am on 1 November 2022 (Tuesday) at Grand Copthorne Waterfront hotel – although the requisitioners had actually not interacted this to the Board of Directors (” the Board”).

While the requisitioners had actually released a considerably bigger ad in The Sunday Times – a various paper – on 16 October 2022 requiring the EGM and had actually released a news release by means of ACN newswire 8 days later on advising investors to go to, they now “… appear, all of a sudden and without offering any description, to have diametrically altered their minds with simply 1 working day prior to 1 November 2022,” Kitchen Culture stated.

The Company stated that some investors might not know the most recent ad by the requisitioners whose conduct has actually continued to trigger confusion. Cooking area Culture has actually been getting calls from investors revealing confusion and aggravation as they had actually not gotten the Purported Notices and proxy kinds in the days leading up to the EGM.

OOWAY Group Ltd. (” OOWAY”) and 7 people who own an aggregate of 21.71% of the Company’s shares had actually released Purported Notices released under Section 177 of the Companies Act 1967 – on 30 September 2022 and 14 October 2022 – to eliminate the 5 directors.

Kitchen Culture has actually stated that 2 law practice have actually recommended that Purported Notices were faulty which any resolutions handed down 1 November 2022 would be void.

The Company advised investors today that based upon the requisitioners’ ad on 29 October 2022, the designated EGM tomorrow will not be continuing, which they ought to disappoint up personally nor supply proxy types.

Kitchen Culture likewise worried that, as encouraged by its attorneys, it is inaccurate for the requisitioners to state in the ad that they are “delaying” the desired EGM or to “reveal” another date “in due course”. The Company will compose to the requisitioners for explanations and verifications on this and other pertinent points, as proper.

Kitchen Culture’s Board, with the exception of Madam Hao Dongting, has actually stated that there are no premises to validate the resignations of the 5 directors – Mr Lim Wee Li (Executive Director), Mr Lau Kay Heng (Non-Executive Director and Vice-Chairman), and 3 Independent Directors, Mr Ang Lian Kiat, Mr William Teo Choon Kow and Mr Peter Lim King Soon.

Mr Lau Kay Heng and Mr Peter Lim King Soon were called as brand-new directors to the SGX Catalist-listed company of options and items for cooking areas and closets on 15 July 2022, the exact same day that Mr Lincoln Teo, an OOWAY agent and previous Interim CEO of Kitchen Culture, stopped to be Executive Director.

The Company worried that OOWAY had in truth supported the re-appointments of Mr William Teo Choon Kow and Mr Ang Lian Kiat at the Annual General Meeting hung on 18 March 2022.

Kitchen Culture shares have actually been suspended from trading given that July2021 Its Board has actually seen a number of modifications given that the participation of OOWAY in October 2020.

Issued by:
Kitchen Culture Holdings Ltd.
9 Raffles Place, #52-02, Republic Plaza
Singapore 048619
Tel: 656471 6776, Fax: 656472 6776

Media & & Investor Contact
Whatsapp (Text): 659748 0688
kitchenculture@wer1.net

This news release has actually been evaluated by the Company’s sponsor, SAC Capital Private Limited (the “Sponsor”). It has actually not been taken a look at or authorized by the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the SGX-ST presumes no obligation for the contents of this news release, consisting of the accuracy of any of the declarations or viewpoints made or reports included in this news release.

The contact individual for the Sponsor is Ms. Lee Khai Yinn (Tel 656232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Kitchen Culture Holdings Ltd. [SGX: 5TI] [BBG: KCH: SP] [RIC: KCHL.SI] https://kcholdings.com.sg

Topic: Press release summary
Source: Kitchen Culture Holdings Ltd& )
Sectors: Daily Finance, Funds & Equities, Legal & Compliance
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From the Asia Corporate News Network

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